Quantitative Research In Modern Marketing Assignment Sample

Introduction

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Slide-2: Introduction

Quantitative Research in modern marketing can be referred to as the process where the organization questions its target market through various questionaries, surveys, or poles. The responses received from the target market are stored by the analysts and are used to improve the products and services of the organization in the future. Quantitative research is often used by companies while launching new products as it helps the company to understand the various needs and wants of the customers. It is also used by organizations while expanding into a new market and the method helps the organizations to understand the current trends in the market.

Slide-3: Role of Quantitative Research

Here are the roles that Quantitative Research plays in modern marketing research and data analysis:

• Quantitative research is the basic and first step that companies need to follow for a good marketing campaign.
• It helps the companies to understand the behavior of the various customers.
• Quantitative research such as questionnaires helps the firms to understand specific aspects of the customers.
• It helps the firms to improve and launch products according to the market demands.

Speaker Notes:

Quantitative Research is one of the most crucial processes that companies must undertake in order to develop a successful business campaign (Tominc et al., 2018). It helps the companies to understand the behaviors of the customers and to develop products according to the needs and wants of the customers.

Slide-4: Importance of Questionnaire Design

The importance of Questionnaire Design is mentioned below:

• A questionnaire is an appropriate tool that helps organizations to collect crucial information from a large base of people.
• The questionnaire is a great option to collect a lot of information in a limited time.
• If conducted properly, it helps firms to gather accurate data.
• The data gathered from questionnaires are very useful in several business operations.

Speaker Notes:

The questionnaire is one of the best ways of quantitative research that helps firms to gather a lot of information from a large base of people in a short period of time (Weking et al., 2019). The data collected from questionnaires are quite useful for the organization and can be used in developing products.

Slide-5: Types of Questionnaires

Here are some of the common types of Questionnaires used by the organizations:

• Telephone Questionnaire- The questions are asked to the people over the telephone.
• Computer Questionnaire- The questions are asked to the people through emails.
• In-House Surveys- The company professionals visit the people's homes to ask questions.
• Multiple Choice Questionnaire- The people are provided some options from which they need to choose one of their choices.

Speaker Notes:

There are several forms of questionnaires that are used by organizations (Grassini and Laumann, 2020). In the above slide, four types of questionnaires i.e. telephone, computer, in-house, and multiple-choice questionnaires have been discussed in brief.

Slide-6: Role of Qualitative Research

The roles of Qualitative Research are as follows:

• Qualitative Research helps organizations understand customer desires.
• It helps firms to understand whether the products are meeting customer demands.
• The data obtained from qualitative research helps firms enhance their marketing procedures.
• It helps the firms to implement strategies that can help them to satisfy their customers.

Speaker Notes:

Just like quantitative research, qualitative research can also be quite useful for organizations. It helps the companies to understand whether their products are meeting the vast demands of the customers and the areas that need improvements.

Slide-7: Importance of Discussion Guide

The importance of the Discussion Guide is mentioned below:

• It is a great tool for time optimization that helps firms to gather a lot of data in a short period of time.
• A discussion guide usually contains a set of questions on a company’s products or services.
• It helps firms to gather opinions of the customers regarding a particular product.
• Discussion guides help organizations to gather useful information that can be used in various business operations.

Speaker Notes:

Discussion guides can be referred to as a set of questions that are given to the people for answers (Wilod Versprille et al., 2019). These questions are generally connected to a company’s products and services and are quite useful for organizations while expanding in a new market.

Slide-8: What Is Correlation?

• Correlation is the statistics that measure the degree to the relation of two securities.
• It is used in advanced portfolio management.
• The value of correlation must be between -1.0 and +1.0.
• It also helps to determine the relationship between two data sets.
• The process helps companies to compare two databases and understand the difference.

Speaker Notes:

Correlation is an investment and financial tool that helps companies to understand and compare two different databases. It is often used by firms to understand the way in which two securities are connected to each other.

Slide-9: Use of Correlation

Here are the four uses of correlation:

• It is used to obtain the degree between two variables.
• It is used to understand the relationship between several variables like demand and price.
• It is used to advertise sales and expenditures.
• It is used to estimate the end result that can be obtained by following a particular measure.

Speaker Notes:

Correlation is used by firms for various reasons. Correlation can be used to understand the difference between two different variables and is also used by organizations for advertisement sales and expenditures (Mohajan, 2018).

Slide-10: What is Regression?

• It is a statistical analysis method that determines the strengths of two variables.
• Regression is also used by organizations to understand the type of relationship that two variables have.
• It helps organizations to understand the value of the assets they own.
• It is a crucial part of determining the value of stocks of the companies.

Speaker Notes

Regression is a statistical method of understanding the strength of the relationship between two different variables. The method is generally used by firms to find out the value of assets and stocks.

Slide-11: Use of Regression

Here are the uses of regression:

• It is used by organizations in various investment and financial activities.
• It helps to find out the relationship between two or more variables.
• It is a versatile process and can be used in complex equations to simple models.
• It is a great tool for optimization and forecasting.

Speaker Notes:

Regression is a crucial method that is used by organizations to understand the bond between two variables. It is often used to find the relationship between two or more variables and is a great optimization and forecasting tool for organizations (Gundumogula, 2020).

Slide-12: What is Time Series?

• Time Series is a sequence of data that has been gathered by the organizations over a period of time.
• It is often compared with cross-sectional data.
• Time series is useful in tracking the change of data over a period of time.
• Time series have no limit and completely depend on the organization.

Speaker Notes:

A time series can be defined as the sequence of data that has been gathered by an organization over a period of time. The process is sometimes compared to cross-sectional data and is a useful tool for observing the differences between certain time periods.

Slide-13: Use of Time Series

Some common uses of time series are mentioned below:

• It is a crucial statistical tool for businesses.
• The process is used in pattern recognition, signal processing, mathematical finance, econometrics, etc.
• It is used by organizations to understand the growth or fall of progress for a piece of data over a period of time.
• It is a great tool for observing various economical changes within an organization.

Speaker Notes:

Time series is a great tool for organizations to understand the change in the behavior of a data set over a period of time. The process is used by organizations for various purposes such as signal processing, mathematical finance, econometrics, and pattern recognition.

Slide-14: Issues of Correlation and Regression

• One of the biggest issues of these techniques is their limited nature.
• The disadvantage of correlation data is it mostly works in understanding the difference between two differences.
• The regression method does not work properly if the data has any errors.
• The regression method needs perfect data and any fault in the dataset can cause malfunctions.

Speaker Notes

Both correlation and regression methods prove quite useful for organizations, however there, are some issues and restrictions that the companies face while implementing these processes. Four of the disadvantages of correlation and regression have been briefly mentioned in the above slide.

Slide-15: Issues of Time Series

• The time series method sometimes leads to unrealistic forecasts.
• Time series is not a binary task.
• Time series often malfunctions in case of non-uniform data.
• Corrupt or missing values often lead to improper outcomes.

Speaker Notes

As mentioned earlier, time series is a quite useful way for organizations to understand the changes in datasets over a period of time (Ismail Fawaz, 2019). However, there are sometimes due for certain reasons time series lose their accuracy. The issues of time series are mentioned briefly in the above slide.

Slide-16: Ways to Increase Data Collection Effectiveness

Here are the ways that can increase the effectiveness of data collection:

• To find out the area that is the most important for the organization.
• Implement strategies to utilize the collected to the fullest.
• Automating the collected data can improve its effectiveness.
• Additional information like the background of the customers can increase data effectiveness.

Speaker Notes

Four ways by which the effectiveness of the data collected through various procedures are mentioned in the above slide (Senthilnathan, 2019).

Slide-17: